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Originally posted by Hx3_1963
Boston Mayor to possibly layoff 700 workers...(link to follow if available)
Parjaro Valley School District -200
Galveston Public Schools -163
Des Moines Schools -54
City Of San Bernardino -55
Roswell Park Cancer Institute -27
M and T Bank Corp -521
Sprint In Kansas City -2,000
Colorado State University Denver -2
Lane Press -29 Omya Inc. -12
Trump Baja Project Goes Under
Indiana Unemployment 9.2%
Essar Steel Algoma Cuts Again -80
GM Powertrain -200
Duncan Aviation San Francisco Chronicle -150
Akin Gump Law Firm -104
American Showa -37
...more encouraging news...
ECB’s Stark Says Rate Cuts Won’t End Crisis, May Backfire
March 7 (Bloomberg) -- European Central Bank Executive Board member Juergen Stark said cutting interest rates won’t remedy the financial crisis and pushing them too low may backfire.
“The lower rates are, the less incentive banks have to clean up their balance sheets and carefully monitor their credit risks,” Stark said. Erkki Liikanen, who heads the Bank of Finland, told broadcaster YLE today that while the ECB has room to cut rates more “the impact is weakened” the closer they drop toward zero.
Auto Dealers Plead for U.S. Help as Hundreds May Fail in 2009
March 7 (Bloomberg) -- The National Automobile Dealers Association appealed to President Barack Obama’s car industry task force for help in cutting financing costs for retailers.
The 90-minute discussion with U.S. Treasury auto advisers Steven Rattner and Ronald Bloom didn’t elicit any commitment for aid, NADA Chairman John McEleney said yesterday in an interview. The 19,700-member association expects 1,200 U.S. dealers to close this year, he said.
“We certainly did not receive a commitment and nor did we expect to,” McEleney said. “We had a very helpful discussion. We spent about one-third of our time discussing that topic.”
Obama's economic saviour savaged as Keating lets rip
March 7, 2009
When Barack Obama announced his champion to rescue the world from economic ruin, it was the first time most Americans had ever heard the name Tim Geithner.
The initial impression was good. The stockmarket surged and the pundits swooned. "Exactly a decade ago, he was Uncle Sam's golden-boy emissary sent into the stormy centre of what was then the world's worst financial crisis [the Asian crisis]," reported The New York Post.
The paper gushed: "Just 36 at the time, he'd been raised in Asia and knew the culture so intimately he scored successes and won confidences that other diplomats couldn't match. Geithner earned widespread plaudits for pulling together quarrelling Asian finance ministers into a $US200 billion rescue of their economies."
"A fantastic choice," said a Bank of Tokyo-Mitsubishi analyst, Chris Rupkey, as the Dow rose by nearly 6 per cent. Even one of Obama's political rivals, the hard-bitten Republican senator Richard Shelby, agreed Geithner was "up to the challenge".
If anyone in the US media had thought to ask a former Australian prime minister for his assessment, they would have heard a different view. And they would not have been so surprised at Geithner's performance since.
In other words, Geithner fundamentally misdiagnosed the problem. And his misdiagnosis led to a dreadfully wrong prescription.
President Barack Obama vowed Saturday that irresponsible budgets were a thing of the past as he promised bold action to help the United States emerge from the current economic crisis stronger than before.
In his weekly radio address, Obama said his administration had inherited a 1.3-trillion-dollar budget deficit -- and a budgeting process that he called "irresponsible as it is unsustainable."
He argued that for years Washington as well as Wall Street had used accounting tricks to conceal real costs of programs.
"These kinds of irresponsible budgets -- and inexcusable practices -- are now in the past," the president said. "For the first time in many years, my administration has produced a budget that represents an honest reckoning of where we are and where we need to go."
Originally posted by Hx3_1963
reply to post by Tentickles
Star 4 U!
Good eyeballin' there... ...and yes it is sad...
Wonder if he'll do what Costa Ricas planning...cutting 2/3 of the Government?
[edit on 3/7/2009 by Hx3_1963]
Stimulus raises state sovereignty issues
WASHINGTON (CNN) -- Republican lawmakers from more than 20 states across the country are willing to take federal funding, but only on their terms.
Some state lawmakers are pushing for sovereignty from the federal government.
From Montana to South Carolina, lawmakers in mostly red states have pushed ahead with measures calling for state sovereignty under the Tenth Amendment, saying the federal government has overstepped its bounds with the stimulus package. The states are calling for the right to ignore laws they deem unconstitutional.
Oklahoma state Sen. Randy Brogdon, a Republican and the first to introduce this type of legislation last year, originally pursued it because he thought then-President Bush and Congress exceeded their authority with the Real ID Act, which required states to include certain information on driver's licenses.
He called the stimulus package "immoral and unconscionable" and said it was "the final straw that broke the financial back of America."
World's biggest banks to meet in London
Published: March 8, 2009
TOKYO: Chief executives of leading Japanese, European and U.S. banks will meet in London to discuss the future of the financial system, the Nikkei newspaper reported, as the global financial crisis prompts a barrage of new regulatory proposals for the sector.
The Japanese business daily said the British government would host the meeting on March 24, after a Group of 20 (G20) finance ministers meeting in London next weekend and ahead of a summit of G20 leaders there on April 2.
The G20 summit of big developed and developing countries in London aims to put the world economy on a path to recovery with banks facing strong calls for new regulations ranging from increased supervision of the financial sector to limits on executive bonuses.
Invitations to the meeting of bankers had been sent to leading institutions including JPMorgan Chase and HSBC, the newspaper said, without naming any sources.
GE (!) is in trouble
Published: March 7, 2009
So this is what it has come to. General Electric appears to be in trouble.
General Electric! It boggles the mind. Long viewed as one of the world's greatest companies -prodigious builder of jet engines and light bulbs, globalized to a fare-thee-well, with management depth other companies can only dream about, and an unassailable AAA rating - GE spent the week fending off rumors that it was the second coming of Citigroup.
GE has billions of dollars of unacknowledged losses in GE Capital, its huge finance unit, the bears claimed. GE is about to lose its prized AAA. Its debt is immense. GE Capital is going to need to shore up its capital base. And on, and on.
"GE Capital," wrote Nicholas P. Heymann and Matthew Kelley, two bearish analysts at Sterne Agee, "is now confronting the prospect that a downward trend in fundamental performance, fueled by weakening end markets and magnified by several liquidity constraints, could potentially lead to an extended period of steadily lower earnings, depleted loss provisions, lower credit ratings, rising borrowing costs" ... well, you get the picture.